November 21, 2024- Insured rates in the U.S. are near-record highs, but 1 in 4 Americans are underinsured, according to the Commonwealth Fund’s Biennial Health Insurance Survey.
The biennial survey polls U.S. adults age 19 and older on their insurance status, according to Becker’s. The 2024 survey includes responses from more than 6,000 individuals aged 19-64. In 2024, 56% of adults reported being insured for the past year, and were not underinsured. Another 23% were underinsured, 12% were insured but were uninsured at some point in the past year and 9% were currently uninsured.
The Commonwealth Fund defines individuals as underinsured if:
- If their deductible was more than 5% of household income
- Their out-of-pocket costs, excluding premiums, exceeded 10% of their household income
- For individuals earning below 200% of the federal poverty level, if out-of-pocket costs, excluding premiums, were more than 5% of household income.
Continue Reading here for what healthcare leaders should know about insurance rates, according to Becker’s Hospital Review.